Technology has transformed lending. A few years ago, people lined up in queues and waited patiently to apply for a loan. Today, it is almost unimaginable, with borrowers, not lenders, holding the key. Thanks to technological developments and market competitiveness, individuals can now apply for loans and receive the amount the same day.
From the application submission to documentation and loan approval, everything is done online. The application process is straightforward, taking minutes to fill. Read on to know how to get a personal loan through an instant loan app.
How to apply for an instant loan througha bank loan app?
Here is a step-by-step guide to applying for an instant loan through the bank loan app:
- The first step is to choose a lender. Check the eligibility conditions on various lender apps to make the right choice. Enter your basic contact, financial, and employment information into an eligibility calculator to check if you are eligible for the loan.
- Donot forget to customise the loan to meet your personal financial need. The loan amount and tenure are two important things to consider. When choosing them, it is critical to keep repayment in mind. When you pick the IDFC FIRST Bank personal loan app, you can utilise a simple, easy-to-use personal loan calculator to customise your tenure and loan amount. It allows you to choose the optimal loan amount and payment plan so that you can make timely EMI payments and enhance your credit score.
- Once your application is approved, you must submit documents to the lender. This process is carried out online by uploading the necessary documents. Regardless of whether you want to apply for small or large loans, have your papers ready before you start your application. It reduces the time needed to borrow funds online. In most cases, basic KYC credentials, such as a PAN card and passport, as well as evidence of employment and income, such as a staff ID card, wage slips, and bank statements, would be required.
- The last step isthe transfer of funds to your account. The amount reaches your bank account when the lender approves your application. The process takes a few hours or less, depending on the lender you choose. The best lenders disburse the funds into your bank account within 48 hours.
While there are many personal loan apps available in India, it is recommended that you select the one offered by areputed lender for speed, convenience, and security. IDFC FIRST Bank is among the best lenders who offer personal loans up to ₹25 lakh. IDFC FIRST Bank’s personal loan app has a smooth application and approval process, with the money disbursed within hours into your account. You can alsochoose your loan tenure, which helps better plan your finances.